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3 September
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Central Bank of Iraq Approves Special Provisioning on ICBG Guaranteed Loans
May 7, 2009
Monday 18 May 2009
Central Bank of Iraq Approves Special Provisioning on ICBG Guaranteed Loans
May 7, 2009.
The Central Bank of Iraq has taken a progressive step toward exempting the ICBG guaranteed portion of SME loans from normal provisioning requirements. ICBG has been working on this issue with CBI for some time, and CBI has favorably responded to their request for this special provisioning treatment. Please see below the CBI regulation communicated to ICBG:
Central Bank of Iraq Directorate General of Credit& Banking Supervision
Date: 3/30/2009.
Reference No: 9/2/1294.
Subject: Guaranteed Loans
Reference is made to your letter ref. no. 590 dated March 17, 2009. CBI has looked into the matter of the calculation of provisioning pertaining to the loans advanced by commercial banks and guaranteed for 75% of principle through your company and has decided the following:
Loan provisioning calculated by banks on loans guaranteed by your company (with 75% guarantee coverage) will be 25% of total provisioning required on ordinary loans in accordance with the guiding regulations issued by CBI and according to loan classification. Commercial banks utilizing your guarantee service are required to provide the CBI with separate reports on loans guaranteed by your company.
Please communicate this regulation to all banks whose loans you have guaranteed.
Sincerely Yours
General Manager General Directorate for Credit & Banking Supervision
Ali Hassan Abu Nayla
CC: IPBL Directorate Department
